Belying expectations of recovery, economic growth slipped further in the July-September quarter to 5.3 per cent, raising fears that the slowdown may pull down the annual growth rate to decade's low level. Describing the economic growth rate of 5.3 per cent as "below expectations", Finance Minister P Chidambaram said it was mainly due to scanty rainfall and poor showing by the manufacturing sector. Prime Minister's Economic Advisory Council Chairman C Rangarajan said that the GDP growth in the current fiscal should be between 5.5-6 per cent and the a rate cut by the Reserve Bank would depend on lowering of inflation. Reacting to the growth figure, industry chambers demanded that the government should push forward with the reforms to bring economy back on high growth path.